Armored Vehicles Market Size, Top Companies, Global Forecast 2023-2028


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    The latest research study "Armored Vehicles Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028 " by IMARC Group, finds that the global armored vehicles market size reached US$ 16.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 24.0 Billion by 2028, exhibiting a growth rate (CAGR) of 5.78% during 2023-2028.

    Armored vehicles represent the automobiles specially designed with complete or partial armor plating to withstand attacks and explosions. Common variants include main battle tanks, tactical trucks, buses, private carriers, limousines, infantry fighting vehicles, and sedans. Armored vehicles provide increased protection against basaltic threats, such as missiles, bullets, and improvised explosives devices (IEDs). They are also utilized in transporting military personnel and valuable items, including jewelry and money. Armored vehicles are generally equipped with weapons and a protective shell manufactured from various plates of corrosion-resistant alloys, steel, or unique composite materials. In addition, they also offer enhanced performance and higher reliability and durability to withstand attacks. As a result, armored vehicles find widespread applications in the defense and military sectors across the globe. 

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    Armored Vehicles Market Trends and Drivers:

    The escalating product requirement for armed escorting, surveillance, frontline combat, and goods transportation on battlefields is among the primary factors fueling the armored vehicles market. Besides this, the elevating demand for these automobiles for safeguarding public figures, self and family protection, and securing valuable materials, owing to the rising threat levels and insurgent activities, is further augmenting the market growth. Moreover, the incorporation of an active protection system (APS) that uses sensors, tracking radar, launchers, and countermeasure munitions to automatically detect and counteract incoming threat projectiles is also bolstering the global market. Apart from this, the growing need for unmanned variants in defense forces to carry out combat operations and intelligence, surveillance, and reconnaissance (ISR) is acting as another significant growth-inducing factor. Furthermore, the inflating military modernization, increasing incidences of asymmetric warfare across the globe, and the launch of several policies by the government bodies toward strengthening the armed forces are anticipated to propel the armored vehicles market over the forecasted period. 

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    Armored Vehicles Market 2023-2028 Analysis and Segmentation:

    Competitive Landscape:

    The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

    • BAE Systems plc
    • Elbit Systems Ltd.
    • General Dynamics Corporation
    • INKAS Armored Vehicle Manufacturing
    • International Armored Group
    • IVECO
    • Krauss-Maffei Wegmann GmbH & Co. KG (KMW+Nexter Defense Systems NV)
    • Lenco Armored Vehicles Inc
    • Lockheed Martin Corporation 
    • Oshkosh Defense
    • LLC (Oshkosh Corporation)
    • Rheinmetall AG and Textron Inc.

    The report has segmented the market on the basis of product, system and drive type.

    Breakup by Product:

    • Defense
      • Armored Personnel Carrier (APC)
      • Infantry Fighting Vehicles (IFVs)
      • Light Protected Vehicles (LPVs)
      • Main Battle Tanks (MBTs)
      • Mine-resistant Ambush Protected (MRAP)
      • Tactical Vehicle
      • others
    • Commercial
      • Bus/Van
      • Limousine
      • Sedan
      • SUV
      • others

    Breakup by System:

    • Engine
    • Drive System
    • Ballistic Armor
    • Turret Drives
    • Ammunition Handling System
    • Fire Control Systems (FCS)
    • Armaments
    • Countermeasure System
    • Command and Control (C2) System
    • Power System
    • Navigation System
    • Observation and Display System
    • Hulls/Frames

    Breakup by Drive Type:

    • Wheeled
    • Tracked

    Breakup by Region:

    • North America: (United States, Canada)
    • Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
    • Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
    • Latin America: (Brazil, Mexico, Others)
    • Middle East and Africa

    Key highlights of the report:

    • Market Performance (2017-2022)
    • Market Outlook (2023-2028)
    • Porter's Five Forces Analysis
    • Market Drivers and Success Factors
    • SWOT Analysis
    • Value Chain
    • Comprehensive Mapping of the Competitive Landscape

    If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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    IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

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